Conrad has two loans outstanding, which he can repay at any time. He has just made the 11th…

Conrad has two loans outstanding, which he can repay at any time. He has just made the 11th monthly payment on an Conrad has two loans outstanding, which he can repay at any time. He has just made the 11th monthly...-18500 loan at 10.5% compounded monthly for a three-year term. The 22nd monthly payment of Conrad has two loans outstanding, which he can repay at any time. He has just made the 11th monthly...-1313.69 was also made today on the second loan, which has a five-year term and an interest rate of 9.5% compounded semiannually. Conrad is finding the total monthly payments too high, and interest rates on similar loans are now down to 8.25% compounded monthly. He wishes to reduce his monthly cash outflow by obtaining a debt consolidation loan just sufficient to pay off the balances on the two loans. What would his monthly payment be on a five-year term loan at the new rate?

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